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Schwab clients were net buyers of equities in September, continuing to outpace the S&P 500® index (SPX) and branching out beyond the Magnificent Seven
The Schwab Trading Activity Index™ (STAX) increased to 46.12 in September, up from its score of 43.69 in August. The only index of its kind, the STAX is a proprietary, behavior-based index that analyzes retail investor stock positions and trading activity from Schwab's millions of client accounts to illuminate what investors were actually doing and how they were positioned in the markets each month.
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The reading for the four-week period ending September 26, 2025, ranks "moderate low" compared to historic averages.
"The reign of the Magnificent Seven may not be over, but in September we saw Schwab's retail clients branch out from those traditional names and into higher-volatility, AI-adjacent stocks, some of which have made big moves recently," said Joe Mazzola, Head Trading and Derivatives Strategist at Charles Schwab. "September brought a number of first-time entrants to our top 10 list, suggesting clients are casting a wider net, seeking additional upside from a market trading at all-time highs."
The STAX far outpaced the S&P 500 index (SPX) in September for the second month in a row, with Schwab clients continuing to get more aggressive after holding back earlier this year in the wake of the April tariff sell-off. The mid-month rate cut announced by the U.S. Federal Reserve, lighter-than-expected inflation data, and resilient retail sales all likely contributed to boosted investor confidence.
Consumer spending appeared to hold up in September despite slower jobs growth and weak consumer sentiment. The August Producer Price Index (PPI), released in mid-September, cooled inflation fears set off by the July PPI, while the August Personal Consumption Expenditures (PCE) price index, released on the last day of the September STAX period, looked relatively benign, as well, reinforcing ideas that the Fed could cut rates again as soon as late October.
Though the market faced new uncertainty late in the September STAX period as the U.S. government neared a shutdown, it didn't seem shake Schwab's retail clients; the weekly STAX gain for the last week of the reporting period was the strongest of the month.
Popular names bought by Schwab clients during the period included:
- NVIDIA Corp. (NVDA)
- Amazon.com Inc. (AMZN)
- Oracle Corp. (ORCL)
- Palantir Technologies Inc. (PLTR)
- Opendoor Technologies Inc. (OPEN)
Names net sold by Schwab clients during the period included:
- Tesla Inc. (TSLA)
- Apple Inc. (AAPL)
- Alibaba Group (BABA)
- Micron Technology Inc. (MU)
- Super Micro Computer Inc. (SMCI)
About the STAX
The STAX value is calculated based on a complex proprietary formula. Each month, Schwab pulls a sample from its client base of millions of funded accounts, which includes accounts that completed a trade in the past month. The holdings and positions of this statistically significant sample are evaluated to calculate individual scores, and the median of those scores represents the monthly STAX.
For more information on the Schwab Trading Activity Index, please visit www.schwab.com/investment-research/stax . Additionally, Schwab clients can chart the STAX using the symbol $STAX in either the thinkorswim ® or thinkorswim Mobile platforms.
Investing involves risk, including loss of principal. Past performance is no guarantee of future results. Content intended for educational/informational purposes only. Not investment advice, or a recommendation of any security, strategy, or account type.
Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.
The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab.
About Charles Schwab
At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients' goals with passion and integrity.
More information is available at aboutschwab.com . Follow us on X , Facebook , YouTube , and LinkedIn .
1025-PT44
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At the Company
Margaret Farrell
Director, Corporate Communications
(203) 434-2240
margaret.farrell@schwab.com
